Mahindra & Mahindra (M&M) is clawing its way into the construction equipment segment, with its EarthMaster backhoe loaders registering a 13% year-on-year (YoY) jump in FY24.
Sales figures reveal 1118 units sold, capitalising on a robust 22% growth in the backhoe loader market itself. This upswing aligns with the Indian government’s renewed focus on infrastructure development, a trend expected to propel the segment further.
M&M isn’t just conquering the backhoe loader space. Its Mahindra RoadMaster brand witnessed a 62.7% surge in motor grader sales, reaching 306 units in FY24 compared to 188 units the prior year, the company’s latest available annual report reveals. This impressive performance reflects a similar 28% growth in the motor grader segment, highlighting a booming market for both equipment categories.
The report also hints at M&M’s potential in the sugar cane haulage segment with its HaulMaster brand, though details remain specific to the export market.
As per Indian Construction Equipment Manufacturers’ Association (ICEMA), a lobby body, construction equipment industry grew by 26% year-on-year (YoY) with 1,35,650 units in sales, thereby surpassing all expectations during FY24 as compared to 1,07,779 units in the previous fiscal year. While domestic sales witness a 24% increase. ICEMA stated that the government’s infra-led growth agenda and pre-election impetus on projects in the pipeline triggered positive growth in all five major construction equipment segments. ICEMA is an apex association for construction equipment manufacturers, representing over 90 companies.
The total sales of earthmoving equipment, which remains the largest equipment segment of the CE industry, increased to 93,531 units in FY24, translating into a 21% spike when compared with 77,164 units sold in FY23. Of this segment, the lion’s share was accounted for 55% and 35% respective growth in sales of backhoe loaders and crawler excavators, which together make up 90 per cent of the total earthmoving equipment sales. Material handling equipment, including pick & carry cranes and telehandlers, recorded 61% growth in sales volume in FY24, and accounted for 14% of total CE sales, as compared to 9% in FY23.
Concrete equipment such as concrete mixers, batching plants, concrete pumps, and boom pumps together recorded a 19% year-on-year increase in FY24, news agency PTI reported, citing the ICEMA report.